Most of Alan Joyce’s myths have been swallowed whole by the Australian media, but particularly the fairy story that under him, Qantas became extraordinarily prosperous.
, to capitalise on the present public fixation with its subject.There are hordes of dudded Qantas customers in Australia today with fresh and livid travel scars. To go with their PTSD, they’re sitting on multimillion Frequent Flyer point balances and/or irredeemable flight credits – both about as useful as Venezuelan bolívar. They would be hankering for the tell-all account, a therapeutic evisceration of the lying kangaroo. Sadly, this will not be the book for them.
Many would say – and I would agree – that you can’t blame Joyce for the $6.3 billion of statutory COVID losses he presided over. For the consistency of this exercise, then, you also can’t credit him for the record 2023 profit which, by Joyce’s own admission, was achieved by swingeing cost-outs that only COVID allowed him to make.So let’s take the 11 financial years from 2009 to 2019 inclusive, where Qantas made $6.7 billion of profits but $4.3 billion of losses. That’s a total outcome of $2.
In those earlier years, of course, Qantas faced far less competition from foreign airlines on international routes. That much is certainly true. Yet, it doesn’t change the fact that Alan Joyce was never a money-generating machine.profit, which is his preferred earnings metric. Of course it is! These are earnings where he has deleted the bad bits – minus the write-downs, excluding the fleet groundings, nothing inconvenient, basically.
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